Wells Fargo Loan Mod - so confused....Help.

[shesinks]

My husband is in the car business and was demoted and is now making 1/2 his original pay hence causing us to get behind on our mort. payments. When we started this process with WF we were 2 payments behind. They took all of our financial info over the phone and told us not to make a payment until we heard back from them. We finally heard from them about a month later and they asked for a $2550.00 down payment for the loan mod. and sent us a notice of special forebarence. The forebarence was for 3 consecutive payments equal to our normal house payment of $2523.24. Then there was a balloon payment at the end but they said we wouldn't have to pay that because it would be rolled into the mod.

My question is why didn't they lower our payment for that 3 months?? Our financials only left us with arround $35 left over after our bills were paid. It doesn't make sense why they wouldn't lower the payment for the 3 months??? If I could make the normal payment, I wouldn't need a loan mod....

Now, seeing that we can't make the payments we were advised on the first to fax in a hardship letter, financial info and last 2 paystubs so we can see if we can get a moratorium for 4-6 months then the loan could be modified at the end.

I just don't uderstand any of this and I just spoke with the exec line who stated they are only there to help if WF makes a servicing mistake and the reason they didn't lower our payment is because my husband is employed.

It makes no sense.

By the way we cannot get a "obama" mod because we are Jenny May.

Thanks for any help!!!!

[madresmustang]

Welcome to WF lack of communication problems. I started with the same issue, I had a business slow down, clients who couldn't pay do to immediate job losses. I contacted WF with 1 payment behind but was going to be 2 payments behind Feb/March. They didn't take any info they sent me to their website to fill out some information a brief two sentence note on what had occured to cause late payments.

Well here I sit now July past 90days and the exec. office is still working on it. With little to no communication for 3wks.

I know some one else who got a forebearance, this had a time limit and didn't change their original loan at all it just made it so they could get caught up. Stopped foreclosure proceedings (saving $$$ you pay their lawyers) and it stopped late fees and reports on their credit report.

I don't get the your husband is working stuff, because I am still working and they haven't said that to me. But they have refused to accept any payments for all these months which is increasing my debt. They won't let me pay into my escrow to cover taxes and insurance.

If you don't like the way the exec person you have request a different one. Request a name of someone locally you can speak with at WF. I really don't like all this stuff being done over phone, fax, and computer with them. You can't get the feel on what's really going on.

Also email address to them is their first name.last name@wellsfargo.com so lets say Jim.Wagner@wellsfargo.com for example. This is not a real email address just the format they are using. So if you know the name 1st/last of the exec office worker send them an email. They are there to work with you and do a second review when things don't work out right the first time.

Another site that people here shared was www.naca.org they help out with the mods when things get to bumpy.

Hope this helped a little, I know it's frustrating it's driving me crazy. I've thought about talking to a lawyer. Somethings not right here with the way they're handling this.

[ltravel]

Hi Shesinks,

I too am on a forbearance plan with ASC/Wells Fargo that is requiring me to make 3 payments 8/01,9/01,10/01 in the amount of my regular mortgage payment, $6127.78 (incl tax escrow), and then on 11/01 a
reduced payment of $1421 (sort of the opposite of a balloon pymnt).
We were not yet late on our loan but would have gone 30 days just
this past week on the June pymt. So I guess the timing was good. We
did not have to make that payment nor the July 1st one, and then start
with August 01. It seems every forbearance plan they offer is different, if you read all the posts on this forum you'd be amazed at the variety of numbers. Mine was the first one I came across though that kept the same payment. And the exec desk really couldn't explain why, nor the reason for the smaller payment at the end.

The sticky part is I was told they would report the loan to the credit bureaus as on a forbearance plan. Not sure how that would affect our credit score. I was told this by a couple of agts in Loss Mitigation and one of the girls in the Exec Office who was very helpful. But then when I called on June 30th in a moment of panic as I wasn't making that pymt
in time and knew I was going 30 days late, the guy I spoke with told me
it would be reported 30days late. His name was Matthew and probably the least helpful at the Exec Office, he was a little on the nasty side. He made me feel like I wanted too much, a modified mortgage but no late marks at the same time. Made me a little nervous, asked if there really was a hardship. We had hoped the mortgage could have rcvd a straight modification just in time, without forbearance, but supposedly our investor, Nomura, doesn't work that way.

I know we have to make those payments not a day late in order to have any chance at the modification in the end, and there's still no guarantee
we will even get it then. I need to resubmit updated financials along the
way. My biggest fear is if it doesn't work out we'll end up being 60days
late when we would have been only 30days, and god knows how we'll
catch up then.

Good luck to you. Please post your progress, I'll be following since your forbearance seems similar. I'll also be updating along the way. My intent is to make each payment a week early to be safe!

[madresmustang]

This is really weird they seem to be having you pay the larger amount for 3 months so you will catch up and get ahead before the modification. You were contacting like I did as soon as I knew there was going to be a problem.

This is what I was told to do go to the website fill out information in the Hope Now link. According to what I had heard about the banks getting stimulus money was to help homeowners keep their homes not make it so hard that we lose them.

Am I reading it correctly they want you to pay 6k a month for 3 months? Was that your regular payment and that was your regular payment?

[ltravel]

Madremustang....

Ha! Not that I want to pay $6K for 3 months, but $6127.78 is my actual
monthly mortgage payment which I've been paying for a number of years,
plus another $972 on a 2nd mtg. I contacted in April knowing things were
getting worse with my business which is commission based travel sales.
I'm down about 75% since September and the savings ran out while the
cc's ran up. I had anticipated June pymt would possibly go 30 days late.
It's a bummer that we couldn't go foward without messing up the credit
but at least the mortgage is just in my husbands name.

So basically they are letting us catch up by skipping June/July but I was
already paying at the end of the month so it's really just one months
savings on our financial end. I still don't get the current pymnt amount
since all the forbearances detailed on this website seem to be for less,
but most of them also seem to be 30/60/90 days late with some pretty
sad situations. But I think in our case, since my husbands salary has not changed and I am still bringing in a decent bit of money, plus our house
is not that far underwater, they are being very tough/cautious. Our
expenses however are very high and we really do need this modification
for a lower payment. We're just going to have to wait and see what
happens come November, and hope they don't royally screw us then
by denying the final modification.

[suzeegb]

WF also put us on to a 3 month forbearance at the full mortgage rate. We were not given any delay as to when it started either. The first payment left the bank last week - they did call that day letting us know it was received by them, and also that they still had not started to look at our file yet.

They are also charging us a $10 fee each month to have this automatic payment set up ... and just to make things worse we were originally paying slightly more each month towards the mortgage payment (only by $100 each month), and WF insisted we continued with the higher amount to be paid during this time - we tried to explain if we could afford to continue paying the amount we had been we would not have contacted them.

I am hoping that they get the modification done before the end of the 3 months as money is getting very tight around here.

[madresmustang]

I just read the posting again and noticed they set you up for auto pay and then are still charging the $10 processing fee. I know when I found out they charge to receive the payment instantly on their website and found the fee I thought they were crazy. here it's like Hello you really need to add an extra 120.00 yr cost to a tight budget.

One thing I can say is atleast they were allowing a payment to be made and no I don't think they can force you to pay the extra amount going to Principal that's a choice not part of the loan agreement. That would weird of them to think that, you should only have to meet the loan agreement amount and in increases in Prop. tax and ins. I hope someone can answer that question.

They wouldn't allow me to pay any payments from the start of when I called them. Stated don't make payment while we review, should take 30 days. Okay I put the money in the savings and paid off a couple of bills I got behind on during the slow business time. Well now I am 113 days later and 11000.00 behind, oh now I am waiting on investor to finish review for mod. programs, could take another 30 days.

Stay on top of them, and I'll be praying for you and the 90 day period.